FG Earned N682.06 Billion In October – CBN

The Central Bank of Nigeria (CBN) yesterday revealed that the Federal Government earnings for October stood at N682.06 billion.

According to an economic report posted on its website, the CBN indicated that the figure was below the monthly budget estimate and receipts in the preceding month by 38.4 per cent and 18.0 per cent, respectively.

It also said oil and non-oil receipts (gross) stood at N422.13 billion and N259.93 billion in the review period, constituted 61.9 per cent and 38.1 per cent of total revenue, respectively.

Also, Federal Government retained revenue and estimated expenditure for October 2018 were N280.96 billion and N347.48 billion, respectively, resulting in an estimated deficit of N66.51 billion.

“Federally-collected revenue (gross) was estimated at N682.06 billion in October 2018. This was below the monthly budget estimate and receipts in the preceding month by 38.4 per cent and 18.0 per cent, respectively. Oil and non-oil receipts (gross), at N422.13 billion and N259.93 billion in the review period, constituted 61.9 per cent and 38.1 per cent of total revenue, respectively. Federal Government retained revenue and estimated expenditure for October 2018 were N280.96 billion and N347.48 billion, respectively, resulting in an estimated deficit of N66.51 billion,” it said.

According to the report, monetary policy stance remained, largely, non-expansionary to rein in inflationary pressures. On month-on-month basis, broad money supply (M3), grew by 1.9 per cent to N34,255.4 billion at end-September 2018, in contrast to the 1.2 per cent decline recorded at end-August 2018. The development reflected the 5.2 per cent and 2.2 per cent increase in the domestic credit (net) and foreign assets (net) of the banking system, respectively.